By Sheri Kasprzak
New York, Aug. 10 - Wesdome Gold Mines Inc. has closed an already downsized private placement for even less.
The company sold 3,122,200 units at C$1.50 each for proceeds of C$4,683,300.
The units are comprised of one flow-through share and one half-share warrant. The whole warrants allow for the purchase of an additional share at C$1.70 each for one year.
The deal was first announced June 9 as a C$8 million offering of 5 million flow-through shares at C$1.60 each. It was downsized to C$5 million on July 11 and was changed to include 3,333,333 flow-through units at C$1.50 each.
The offering was placed through a syndicate of agents led by Westwind Partners Inc. and including Research Capital Corp., Pollitt and Co. Inc. and Loewen, Ondaatje, McCutcheon Ltd.
After the closing of the deal, Wesdome had 46,055,982 outstanding common shares.
Based in Toronto, Wesdome is a gold exploration and development company. The proceeds will be used for exploration and drilling on the company's Quebec properties.
| Issuer: | Wesdome Gold Mines Inc.
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Amount: | C$4,683,300
|
| Units: | 3,122,200
|
| Price: | C$1.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.70
|
| Placement agents: | Westwind Partners Inc. (lead); Research Capital Corp.; Pollitt and Co. Inc.; Lowen Ondaatje McCutcheon Ltd.
|
| Pricing date: | June 9
|
| Settlement date: | Aug. 10
|
| Stock price: | C$1.45 at close June 9
|
| Stock price: | C$1.67 at close Aug. 10
|
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